Third Party Bike Insurance
Buy/Renew Third Party Bike Insurance Policy Online in India in 2024
Protect your two-wheeler against any loss or damage caused to a third party with Digit’s instant third-party insurance for bike online!
Hit the road with peace of mind with our quick and simple smartphone-enabled buy, renewal, and claim processes.
Table of Contents
What is Third Party Bike Insurance?
A third-party bike insurance is the most basic type of two-wheeler insurance policy, that helps cover any damage and losses your bike could cause to a third-party person, property or vehicle, such as in the case of an accident or collision. However, remember that it doesn’t cover your own vehicle damage.
Third-party insurance two-wheeler is mandated by law in India by the Motor Vehicles Act. Failing to comply can result in a penalty. So, the third-party bike insurance is an affordable option and legally mandatory, but it also offers limited coverage without protecting your own vehicle.
However, you can compare two-wheeler insurance policies by Digit and get the most suitable one – comprehensive bike insurance or Own Damage cover.
Reasons to Buy Third Party Two-wheeler Insurance
Here’s why you should buy cheapest third-party bike insurance in India:
- Mandatory by Law: Having at least a third-party insurance for bike in India is the law! Driving without one can lead to fines and penalties.
- Financial Security: It covers you financially in case of loss, damage, or injuries to third party property or person caused in an accident due to your vehicle.
- Peace of Mind: You can drive your bike worry-free knowing that you're covered for third-party damages.
- Affordable: Compared to comprehensive insurance, third-party is a cheaper way to meet legal requirements and basic protection in accidents.
- Limited Liability: Third-party bike insurance is perfect for people who primarily use a two-wheeler for short, low-risk commutes, or those who have an older bike with a lower market value.
What’s Covered in Third Party Bike Insurance?
Personal Damage to Third Party
If a person is injured in an accident, all his or her medical costs till recovery are taken care of by Third Party bike insurance. In an unfortunate case of loss of life, a compensation amount is given too.
Property Damage Compensation
In case damage occurs to someone’s vehicle, house or any property, the owner is covered for the loss. There is a limit of ₹7,50,000
Personal Damage to Owner-Driver
If you don’t already have a Personal Accident Cover, this cover can be included in your Third-Party Bike Insurance to protect you from losses that could arise if you face any physical injuries or death/permanent disability.
What’s Not Covered in Third Party Bike Insurance?
It is equally important to know what’s not covered in your Third-party bike insurance policy so that there are no surprises when you make a claim. Here are some such situations:
Key Features of Third-Party Bike Insurance by Digit
Third Party Two-Wheeler Insurance Premium Chart
Unlike Comprehensive two-wheeler insurance, the bike insurance premium for a third-party insurance policy is predefined by the IRDAI. The premium prices for the same are primarily dependent on the engine displacement of your two-wheeler.
As per the latest update by the IRDAI, following are the two-wheeler premium charges across various cc ranges. Check the bike insurance premium calculator.
Third Party Premium for Old Two-Wheelers
Given below is the third-party two-wheeler insurance rate chart for old bikes.
Third Party Premium for New Two-Wheelers (5-Year Single Premium Policy)
The given table shows the third-party two-wheeler insurance rate chart for new cars with a 3-year single premium policy.
Third Party Premium for New EV Electric Two-Wheeler (1 -Year Single Premium Policy)
Here is the third-party two-wheeler insurance rate chart for new electric vehicles (two-wheelers) with a 3-year single premium policy.
Third Part Premium for New EV Electric Two-Wheeler (5 –Year Single Premium Policy)
Here is the third-party two-wheeler insurance rate chart for new electric vehicles (two-wheelers) with a 3-year single premium policy.
Types of Bike Insurance Plans in India
Third Party
A Third-party Bike Insurance is one of the most common types of bike insurance;in which only damages & losses caused to a third-party person, vehicle or property are covered.
Comprehensive
A Comprehensive Bike Insurance is one of the most valuable types of bike insurance that covers both third-party liabilities and damages to your own bike as well.
Standalone Own Damage Plan
The Own Damage plan is for yourself – it covers loss and damage only to your own two-wheeler in case of accidents and collisions, natural calamities, fires, and thefts.
Difference Between Third-Party vs Comprehensive vs Own Damage Policy
Third Party
Comprehensive
Own Damage
|
Damages/Losses to own two-wheeler due to an accident |
×
|
✔
|
✔
|
|
Damages/Losses to own two-wheeler in case of fire |
×
|
✔
|
✔
|
|
Damages/Losses to own two-wheeler in case of a natural calamity |
×
|
✔
|
✔
|
|
Damages to Third-Party Vehicle |
✔
|
✔
|
×
|
|
Damages to Third-Party Property |
✔
|
✔
|
×
|
|
Personal Accident Cover |
✔
|
✔
|
×
|
|
Injuries/Death of a Third-Party Person |
✔
|
✔
|
×
|
|
Theft of your scooter or bike |
×
|
✔
|
✔
|
|
Customize your IDV |
×
|
✔
|
✔
|
|
Extra protection with customized add-ons |
×
|
✔
|
✔
|
Know more about the difference between Comprehensive and Third-party bike insurance.
How to Buy/Renew Third-Party Bike Insurance Policy with Digit?
Step 1
On the Digit app or website, enter bike's registration number and click on ‘View Prices’.
Step 2
Select the plan, additional coverages, and click on ‘Continue.’
Step 3
Enter your personal and vehicle details and click on ‘Pay Now.’
Step 4
Complete the payment and mandatory KYC verification process.
Step 5
You’re done! You’ll receive the policy document via email, SMS and WhatsApp. Also, you can access it 24X7 on the Digit App.
How to File a Third-Party Bike Insurance Claim?
In case of a personal accident-related claim, all you need to do is call us at 1800-258-5956 and we’ll help you out. But before that the third party must file an FIR and get a charge sheet.
If there’s compensation, we take care of it on your behalf.
And if there’s no violation of terms, we will try for a non-monetary settlement on your behalf. If the situation arises, we will represent you in court.
Most importantly, if you’ve been a good citizen and have admitted your fault for any kind of negligence, your Digit Third Party cover will still hold good.
Documents Required for Third-Party Bike Insurance Claims
You need the following documents to raise a claim under third-party bike insurance in India:
Third-party bike insurance policy Registration Certificate (RC)
Duly filled and signed claim form
FIR report for third-party property damage/injuries/death
Payment receipts and repair bills
Valid Driving License
Damage repair estimate
Important Considerations When Making a Third Party Bike Insurance Claim
The third-party person filing the FIR for the said claim must ensure he/she has suitable evidence.
It’s important to note that your insurer and the police need to be contacted as soon as possible. You can’t make the claim days after the incident!
As per the rules and regulations of IRDAI, it is up to the Motor Accident Claims Tribunal to decide on the claim amount. While there’s no upper limit on personal damage to a third party, there is a limited liability of up to ₹7.5 lakhs in case of damage and losses caused to a third-party vehicle or property.
How to Choose the Best Third-Party Bike Insurance for Yourself?
If you are confused about whether a third-party insurance policy is enough for your two-wheeler or whether you should go for a comprehensive one, we’ve got you covered. Check out the situations below, find the most relevant to you and choose accordingly.
Case 1: If you own 2 or more two-wheelers
If you have 2 or more two-wheelers; let’s say a scooty and bike, and use only the scooty on a daily purpose, while you use a bike hardly in a month when going out with friends, then it is a wise decision to insure your bike with a third-party insurance cover. This will help save your premium and will keep you legally compliant.
Case 2: If you want to upgrade to a bike but your current scooty’s policy renewal is due
Get your current scooty insured with a third-party policy in case its renewal is due, if you’re planning to sell it before buying the new bike you’ve always dreamt of. Having a minimum coverage will help save the insurance premium and will also keep you legally compliant.
Case 3: If you own that ages old scooter your grandfather used to ride
If you own such a scooter standing in the corner of your house covered in dust, you should immediately get it insured with a third-party two-wheeler insurance policy to prevent hefty fines, as it is mandatory by law. Getting a minimum coverage is enough for a two-wheeler that you’ve kept in memory of your grandparents, and not for driving.
Case 4: If you are an experienced two-wheeler rider
Don’t expect that if you have a clean driving record and are an experienced bike rider, you will not run into problems; driving on the roads always poses a risk of accidents. Therefore, it is best that you opt for enhanced coverage with a comprehensive two-wheeler policy. However, since you are experienced, you can choose not to buy add-on covers to save on the premium.
Case 5: If you’ve just bought a new luxury bike
A brand-new bike must be protected with the maximum coverage possible; therefore, you should go for a comprehensive policy with all the relevant add-ons possible, as it also includes third-party two-wheeler insurance and own damage cover.
Case 6: If you drive your 6-year-old bike daily to office
You would want more protection than a third-party insurance cover offers to safeguard the bike you ride daily. So, go for a comprehensive two-wheeler policy with add-ons, as it also includes third-party two-wheeler insurance and protects you against accidents, theft, fire, natural calamities, bike breakdown, flat tyre, etc.
Advantages of a Third Party Bike Insurance
Disadvantages of a Third Party Bike Insurance
How fast are Digit Insurance Claims Settled?
This is the first question that should come to your mind when switching your insurance company. Good you’re doing that!
Read Digit’s Claims Report CardWhat our customers have to say about us
Vishu Behal
I am very appreciate with go digit insurance Mr Gagandeep Singh (Surveyor Amritsar) who settled my two wheeler bajaj platina claim in same day.Thanks to Go digit insurance and Gagandeep Singh for there services.
Abishek Verma
Super smooth service by digit , I registered clam of my bike and I got my with in 2 days . Mr Nirmal helped me in every way for claim intimation and also the process was very simple 👏👏👏✌️
Ashish Kumar
Digit Insurance is the best Insurance company in India. Love the way of work. Everything is just so simple . I got claim for my Bike . Really happy today. Thank you so much Go Digit and Abhishek Sir from Digit.
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FAQs about Third Party Bike Insurance in India
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